Asked by jessica Musgrave on May 07, 2024
Verified
An agreement in which a party promises to supply all the other party's needs for a particular commodity is called a(n) :
A) requirements contract.
B) composition agreement.
C) output contract.
D) nominal consideration.
Requirements Contract
A contractual agreement in which one party agrees to supply as much of a product or service as the other party needs during a specified period.
Particular Commodity
Refers specifically to a unique or specified commodity traded on commodity markets, such as gold, oil, or wheat.
- Scrutinize the legal mandates for consideration across assorted contract types, such as unilateral and bilateral agreements.
Verified Answer
AN
Amanda NowlandMay 12, 2024
Final Answer :
A
Explanation :
Requirements contracts are agreements in which one party promises to supply all the other party's needs for a particular commodity.
Learning Objectives
- Scrutinize the legal mandates for consideration across assorted contract types, such as unilateral and bilateral agreements.
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